Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help,” said Terry Edwards, Executive Vice President of Credit Portfolio Management. “Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. The offer is available to any owner-occupant who closes on the purchase of a property listed on before May 1, 2010. Incentive Part of Ongoing Effort to Stabilize Neighborhoodsįannie Mae (FNM/NYSE) announced that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances.
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Real Estate Broker fannie mae freddie mac They would rather foreclose then refinance.
Yes, and you can blame the banks 100 percent. So far, it has helped around 220,000, according to the Treasury Department. It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates. The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday. My experience with clients who have tried to refinance their homes have had a total horrible experience with their mortgage holders.
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Sign up for free notification of new listings in Nevada CountyĬlick Here fannie mae Federal Housing Administration FHA mortgage loan preforeclosure short saleĪccording to a news release, the government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value. These changes apply only to loans owned or guaranteed by Fannie Mae and do not impact those owned or guaranteed by Freddie Mac or the Federal Housing Administration (FHA).įor more information about the changes, including the new waiting period requirements, please visit Fannie Mae Selling Guide Additionally, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event. This waiting period may be dependent on the loan-to-value ratio of the transaction and whether extenuating circumstances, such as loss of employment, contributed to the borrower’s financial hardship. Fannie Mae today announced it is updating several policies impacting the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event, including a preforeclosure sale, short sale, or deed-in-lieu of foreclosure.Īmong the changes is the amount of time that must elapse after the preforeclosure event before a borrower is eligible to obtain a new mortgage loan owned or guaranteed by Fannie Mae.